Farmington Hills-based SimilarSales.com says a customer from West Bloomfield Township convinced Fannie Mae that his future home was overvalued by $21,000 by spending $70 on desktop valuation reports.
"Licensed appraisers provide the most credible property valuations," said Scott Elia of Similar Sales Inc. "However, appraising is not an exact science. To further enhance the credibility of the valuation process, we now provide clients the ability to get the opinion of up to three different appraisers for less than one-third the cost of a full appraisal."
To further enhance the value of the SSDVR, SimilarSales.com offers a "SSDVR Guarantee." If a full appraisal indicates that a home's value is less than the value indicated in a SSDVR by more than 5 percent, SimilarSales.com will refund 100 percent of the cost of the SSDVR.
Details of the "SSDVR Guarantee" are at www.similarsales.com.
"Over the past 12 months, homeowners, lenders and real estate professionals have been using SimilarSales.com and saving hundreds in appraisal costs," Elia said. "Whether buying a home, refinancing a home or selling a home, SimilarSales.com facilitates the decision-making process by providing an affordable and credible valuation (SSDVR) for around 10 percent of the cost of a full residential appraisal."
The company's coverage is limited to the State of Michigan with plans to expand nationwide, beginning in 2010.
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